Egypt Sees 2-2.5% Economic Growth This Year

Egypt is expected to witness economic growth rates ranging between 2–2.5% within the current fiscal year, said Finance Minister Hany Qadry Demian on Wednesday.

Demian told reporters in a press conference on Wednesday that the state’s budget deficit for this fiscal year is very likely to reach 12% of the Gross Domestic Product (GDP). He added that the budget deficit could have reached 14% of the country’s GDP but thanks to the foreign financial assistance packages and the government’s exceptional procedures to curb the deficit.

Moreover, the minister also expected that Egypt’s budget deficit would fall by 2% to stand at 10-10.5% of the GDP in the next fiscal year.